| Type | Privately held company |
|---|---|
| Industry | Food processing |
| Founded | 1986 |
| Headquarters | Reykjavík, Iceland |
| Key people | Ágúst Guðmundsson (CEO), Lýdur Guðmundsson (Chairman of the board) |
| Products | ready meals, soups, sauces, prepared fruits, vegetables and salads, breads, sandwiches, desserts |
| Revenue | £1.618 billion (2008)[1] |
| Operating income | £22.1 million (2008)[1] |
| Profit | (£153.9 million) (2008)[1] |
| Employees | 19,930 (2008)[1] |
| Website | www.bakkavor.com |
Bakkavör Group hf. is an Icelandic international food manufacturing company specialising in fresh prepared foods and produce.[2] The group operates 66 factories and employs over 20,000 people in nine countries with a pro-forma turnover in 2007 of £1.5 billion. The group’s head office is in Reykjavík. The company was listed on the Iceland Stock Exchange under the ticker BAKK prior to April 2010.
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Bakkavör Group was founded in 1986, and today makes over 6,000 products in 18 product categories, which are developed and sold predominantly under its customers’ own brands. The group operates 66 factories and is the largest provider of fresh prepared foods and produce in both Iceland and the United Kingdom, and has business operations in Belgium, China, Czech Republic, France, South Africa, Italy and Spain.[3] Lysekils of Bakkavör Sweden AB has a Royal Warrant from the Swedish Royal Family.
On 31 January 2008 Bakkavör entered the United States by acquiring Californian fresh and frozen prepared foods provider, Two Chefs on a Roll.[4]
The United Kingdom is Bakkavör's largest market by turnover, operating three subsidiaries in the UK employing 2,500 people. The company’s operations are based mainly in Spalding, Lincolnshire and Birmingham, divided into four categories: chilled ready meals, chilled meal accompaniments, chilled ethnic snacks, chilled dips, dressings and sauces. Laurens Patisseries in Newark-on-Trent, bought from the Andreas Liveras family for 130 million pounds in 2006,[5] claims to be the largest cream cake manufacturer in the UK. On 13 May 2005, Bakkavör acquired UK fresh prepared foods group Geest.[6]
Bakkavör Pizza was formed in 2006 when Group's Pizza business's Katies and The Pizzeria were combined under the Bakkavör Pizza name. Katie's was formed in 1972 by three ladies who made quiche and pizzas. It is now one of the Group’s largest sites where over 100 different pizzas are made every day. Katie's Kitchen was the first UK manufacturer to produce authentic Italian style pizzas. The Pizzeria site was bought in 2001 and opened in 2003 for the production of state-of-the-art pizza bases and pizzas.
90% of Bakkavör's products are sold to multiple retailers (e.g.: Asda, Marks & Spencer, Morrisons, Sainsbury's, Somerfield, Tesco, Waitrose), with remaining sales to foodservice providers, hospitals, care homes and schools.[7]
Exista controlled a significant share of the company and it sold all 39.629% of the company to Lydur Gudmundsson and Agust Gudmundsson in 2008.[8]